Nathan Tinkler
’s private jet and helicopter have been repossessed, in the latest sign of financial strife for the former billionaire.

Receivers have secured possession of the coal magnate’s Dassault Falcon 900C jet in Singapore and his Agusta A109S helicopter in Brisbane after being appointed to his private company, TGHA Aviation.

Nathan Landrey, a partner at receiver Taylor Woodings, said the aircraft was yet to be valued and the receivership process was at an “embryonic stage".

Secured creditor GE Capital reportedly instructed Mr Tinkler to leave the jet at Bankstown Airport near Sydney last month but he flew to Singapore instead.

Based on sales listings of aircraft of similar models, the jet could be worth about $15 million and the helicopter about $4 million.

GE Capital has held a fixed and floating charge of a maximum of $60 million over the assets since 2010. Mr Landrey said TGHA Aviation did not have any employees, but added there might be some unsecured creditors.

A spokesman for Mr Tinkler declined to comment on the situation.

Mr Tinkler formed his aviation group after reaping a fortune from his sale of a stake in Macarthur Coal for $440 million in 2008. He also owns properties in Singapore and Maui, racehorses, expensive cars and the Newcastle Knights and Newcastle Jets sports teams.

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Just 18 months ago, he announced plans to build a $13 million private hangar at Newcastle Airport capable of housing a Boeing 737 jet along with his other aircraft, in part to avoid the need to drive coal business associates from Sydney to the Hunter Valley.

However, as a result of a collapse in the coal price, Mr Tinkler’s fortunes have since taken a turn for the worse.

The value of his primary asset, a 19.4 per cent stake in Whitehaven Coal, has fallen from $1 billion in May to $600 million.

Mr Tinkler’s financial position is unclear, but industry sources have indicated he has loans of around $700 million against the Whitehaven stake, including accrued interest. That means there is potential for it to be repossessed by lenders such as hedge fund Farallon Capital.

Many of Mr Tinkler’s other assets are also highly leveraged and earn little, if any, income.

Some of his private companies have recently been placed in liquidation, including Mulsanne Resources, which failed to complete a promised $28.4 million investment in Queensland coal developer Blackwood Corp.READ NEXT: